Astro Malaysia Holdings Bhd
rose for a fourth straight day yesterday as it extended a rebound off a historical low. The share failed to end above the 100-day simple moving average (SMA) but is expected to cross the hurdle shortly given its rising momentum.
Looking at the technical indices, the slow-stochastic has entered overbought conditions at 86 points while the 14-day relative strength index (RSI) is robust at 63 points.The daily moving average convergence/divergence (MACD) histogram is also charting successively higher positive bards.
Resistance is seen at 52 sen and 69.5 sen while support can be found at 35 sen.
TAS Offshore Bhd righted itself yesterday following a five-day losing streak. The share is finding support at the 14-day SMA line and maintaining a bullish trend that can be traced back to July 2023.
The slow-stochastic, which briefly entered oversold conditions on Wednesday, has also bounced back into neutral territory, suggesting that the rally will continue after a brief consolidation phase.
On the higher end of the chart, resistance is found at 61 sen while support can be seen at 45.5 sen and 35 sen.
MINETECH Resources Bhd, which has been seeing high volumes of trading since embarking on a rally in December 2023, is struggling to come out of a correction phase. The share recorded a six-day decline from Jan 10-16, 2023, but managed to stabilise on Wednesday to assume a sideways trajectory.
The slow-stochastic has bounced higher from oversold conditions, suggesting the profit-taking has ended for now, although the MACD remains negative while the RSI has flattened out near the 50-point mark.Should the share pick up again towards the recent high of 24.5 sen and surpass the hurdle, it stands a chance of aiming for the historical peak of 35 sen.
Support is pegged to 13.5 sen and 10.5 sen.
The comments above do not represent a recommendation to buy or sell.
